Under the provisions of Transfer of Property Act, 1882 Lease of immovable property has been defined as transfer of a right to enjoy such property in lieu of a consideration, made for a certain time or in perpetuity. The person who transfers the right is called the Lessor and the person to whom the right is transferred is called the Lessee. There is a partial transfer in Lease since there is a transfer of a right of enjoyment for a certain time while in respect of Sale, all the rights of ownership belonging to the transferor passes on to the transferee.
It has been provided that in the absence of a contract or local law or usage to the contrary, a lease of immovable property for agricultural or manufacturing purposes shall be deemed to be a lease from year to year which shall be terminable, on the part of either lessor or lessee, by six months' notice expiring with the end of a year of the tenancy. In the case of a lease of immovable property for any other purpose, in the absence of a contract or local law or usage to the contrary, shall be deemed to be a lease from month to month, terminable, on the part of either lessor or lessee, by fifteen days' notice expiring with the end of a month of the tenancy. Every such notice must be in writing, signed by or on behalf of the person giving it, and either be sent by post to the party who is intended to be bound by it or be tendered or delivered personally to such party, or to one of his family or servants at his residence, or (if such tender or delivery is not practicable) affixed to a conspicuous part of the property.
A lease of immovable property from year to year, or for any term exceeding one year or reserving a yearly rent, can be made only by a registered instrument. All other leases of immovable property may be made either by a registered instrument or by oral agreement accompanied by delivery of possession. Where a lease of immovable property is made by a registered instrument, such instrument or, where there are more instruments than one, each such instrument shall be executed by both the lessor and the lessee.
